CMA announces official completion of the Open Banking Roadmap

The CMA has confirmed the completion of the Open Banking Roadmap, unlocking a new era of financial innovation for the UK.

This milestone means that all nine banking providers are now able offer the full suite of open banking payment and account information services, including variable recurring payments for sweeping.

Delivering smart data to expand small business borrowing

The new SME Finance Taskforce report on smart data and SME lending highlights how unlocking public and private sector business data could expand lending to small firms and sole traders – just one of the use cases that smart data can help enable to support economic growth.

Nick Davey, OBL Senior Strategy and Policy Lead, and Secretary to the Taskforce, explains how.

Guide to open banking and smart data in the energy and utilities sectors

The cost of energy and utilities, such as water, are a key concern for many UK consumers and businesses.

Our guide explains how open banking and smart data can help to transform how these services are consumed, managed, and paid for, and give people greater control over their energy usage and costs.

EVENT ROUND-UP:
UK OPEN BANKING STRATEGY SUMMIT

We hosted our first Open Banking Strategy Summit this week, looking ahead to the future of open banking. Key topics included the new Data Information and Smart Data Bill, the future entity and the expansion of open banking into open finance and smart data to create a collaborative, data-driven economy.  

AUGUST HIGHLIGHTS

“Our latest MI data revealed another jump in user numbers, taking us to 11.33m active users of open banking in the UK, the strongest monthly growth we have seen. There was also a 9.2% increase in the total number of payments, which hit 19.54 million – 2.45 million of which were Variable Recurring Payments (VRPs), an impressive increase of 23.9%.

This strong growth and demand for VRPs underlines why the work OBL is supporting to develop commercial VRPs is so important. It underlines the potential and opportunities that lie ahead as a result of the ecosystem’s continued innovation.”

Marion King, OBL Chair and Trustee

OPEN BANKING – THE FUTURE OF FINANCE

We provide the trusted framework to connect banks, fintechs and technical providers – simple, secure technology that’s helping more than 9 million UK consumers and businesses move, manage and make more of their money.